2023-08-31 15:45:00
(Ecofin Agency) – Revenues from non-life insurance companies increased by 21% in the first half of 2023, while those of life insurance companies grew by 12%. This dynamic contributed to increasing the overall turnover of the Ivorian insurance sector during the first six months of the current year.
The insurance sector in Côte d’Ivoire achieved an overall turnover of 340 billion CFA francs in the first half of 2023, according to data published on Wednesday August 30 by the Association of Insurance Companies of Côte d’Ivoire. ‘Ivory (Asaci). This turnover is up 18% year-on-year. It was driven by the non-life branch, which recorded 21% growth in revenue over the period.
This growth was supported by motor insurance, health insurance, construction insurance, and insurance for risks linked to new oil and gas fields, which recorded a strong increase in premiums. Revenues from motor third-party liability insurance also increased thanks to the digitization of motor vehicle certificates, launched in January 2023.
With regard to life insurance, it recorded a turnover of 117 billion FCFA, up 12%, at the end of June 2023.
According to the latest data provided by Asaci, the Ivorian insurance market has 22 non-life insurance companies, 11 life insurance companies, 7 reinsurers. In 2021, Sanlam, Allianz, Axa, NSIA and Sunu were the top five companies in the non-life branch, in terms of turnover. On the side of the life segment, Sunu Vie, NSIA Vie, Allianz Vie, Sanlam Vie and Wafa Vie occupied the first five places in the ranking, according to their income.
Chamberlain Moko
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